Read my review
Books on Options

Sixth Edition. I've heard this is the defacto standard at top tier business schools in the US. Is it true? I don't know, but from what I've read it is a pretty good book. This book is written by an academic, for academia. That said, I found it to be quite readable, although my finance background is not zero. The author goes into a little bit of the math behind options. Not much, but there's enough to scare most people (read about Wiener processes here).

Anyone looking for an introductory academic treatment of the various minutiae of options would be well served to start here, although from a pragmatic, trader's standpoint it might be too much.